“We see strong potential in the European tech ecosystem with an array of dynamic, founder-led companies, seeking funding and support from a committed partner,” Ibrahim Ajami, head of Mubadala Ventures said. The strategy builds on the foundations that Mubadala has built in the United States, he added.

Mubadala Ventures, with an office in San Francisco, also oversees and manages Mubadala’s $15bn commitment to the SoftBank Vision Fund, the Mubadala Ventures Fund 1 – a US-focused early stage venture fund, and a fund of funds programme that includes Data Collective, 8VC, Foundry Group and Upfront Ventures as part of its funds portfolio.

“The UK and Europe has some of the world’s most exciting startups and we would like to see more companies accelerate through the startup stage to achieve sustained growth at a global level,” said Ron Fisher, director and vice chairman, SoftBank Group.